Fortescue shakes up executive ranks
Longstanding CFO Stephen Pearce is about to exit the miner, as Greg Lilleyman joins in a separate role.
Andrew Forrest’s Fortescue Metals Group has announced some big executive changes, with longstanding and well regarded chief financial officer Stephen Pearce leaving for miner Anglo American, and former Rio Tinto technology and Pilbara boss Greg Lilleyman coming on board as operations director.
The Perth-based iron ore miner is now looking for a new CFO to replace Mr Pearce, who is taking a position as chief financial officer and executive director with London-based Anglo at the start of 2017.
“I congratulate Stephen and wish him every success as he embarks on the next phase of his career,” Mr Forrest, Fortescue’s founder, chairman and major shareholder, said.
“Given the great progress on cost and debt reduction, and Stephen advising his keenness to pursue an international operations and finance role, this is an appropriate time for Stephen to move out of Fortescue to pursue those objectives.”
Anglo’s Wollongong-born chief Mark Cutifani said Mr Pearce would bring proven financial and commercial experience with him.
“His strong relationships with the debt and equity capital markets have proven immensely valuable in his role at Fortescue, as has his work across complex cost and other efficiency performance programs.”
Mr Pearce’s surprise resignation comes just three months after he was appointed to Fortescue’s board after serving as CFO since 2010.
Mr Lilleyman stepped down as Rio’s Brisbane-based head of technology and innovation after the promotion of Jean-Sebastien Jacques earlier this year.
“We are delighted to welcome Greg to Fortescue for the next phase of our journey to be the safest, lowest cost, most profitable iron ore producer,” Fortescue chief Nev Power said.
“Greg brings a wealth of industry knowledge with a personal style and approach strongly aligned with Fortescue’s values and culture. His extensive experience in leading safety and operational excellence combined with his thorough knowledge and passion for technology and innovation, provides for the further development of Fortescue’s strong operational and cost performance.”
At 3pm, Fortescue shares were trading down 19.5c, or 3.8 per cent, at $4.97 after weakening during the day’s trading ahead of the announcement.
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